Managing Cash Flow and Working Effectively with Banks: Part 2
Budgeting is a key part of managing cash flow.
Five Common Business Budgeting Mistakes
Here are 5 mistakes I see businesses make in the budgeting process.
Home Office Deductions and the “Exclusive Use” Rule
One of the basic truths for any taxpayer wanting to claim a deduction for business use of the home is, the office area must be used 100% for business purposes. And 100% business use means 100%. But is that really always true?
Glossary: Bonus Depreciation
Bonus depreciation, in tax terms, refers to an accelerated form of depreciation available on certain types of assets.
What I Mean When I Say “Consult an Attorney”
I don’t recommend a small business hold an attorney on retainer. But I DO recommend that a small business have a relationship with an attorney that they can call on when the need arises.
Hiring Employees: Is it a Want or a Need?
One time I was helping a small business owner who was going through a rough time with her business. It was leaking cash, she was taking almost nothing out for herself, and she was burned out. Her business only took in about $50,000, but somehow she had two employees working for her. That was where […]
When Should I Form an S-Corp?
You should look at forming an S-corp when your net income from the business starts to approach the amount of a “reasonable salary” for the work you do.
Bookkeeping Software is Deceptively Simple
Here’s the problem with Quickbooks, or any other software solution for bookkeeping: it’s deceptively simple.
Why is the SE Tax Deduction Taken on the 1040 and Not on Schedule C?
Question from a web visitor: why is the deduction for 1/2 of self-employment tax taken on the front side of the 1040 and not on the proprietorship’s Schedule C?
The 4 Choices a Small Business Owner Has When Their Business is No Longer a Side Business
Many of the business clients I work with are either side businesses, or side businesses that are turning into “real” businesses. I’ve written before about the struggle of taking a side business and turning it into something more. Today, I’m going to write about the choices a business owner has with their side business when […]